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West Africa in talks about shared currency
Nigeria not partisan to the idea of a shared currency among West African Nations
The Economic Community of West African States (ECOWAS) is currently in talks about a shared instrument. This was recently confirmed, when the Chairman of ECOWAS and also Togolese President, Faure Gnassingbe stated that “our region needs this unifying instrument, symbol of our shared destiny, to consolidate our customs union”.
The economic community set up a task force comprising Togo, Niger, Ghana, and Ivory Coast to explore the likelihood of a shared currency. The task force explored and suggested an approach, which some member countries consider to be fast-track. Information gathered suggest that Nigeria is adamant about the whole idea, citing difficulties in the euro zone. The President Muhammadu Buhari had cautioned against the monetary union and the need to address fundamentals and other pertinent issues in bloc.
This is not the first time, the economic bloc has attempted to introduce a shared currency amongst the fifteen member states; Benin, Burkina Faso, Cabo Verde, Cote D’Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo